Risk-Based Internal Audit

Internal Audit departments are being asked to deliver deeper insights and value beyond insurance. This starts by providing business units with more insight and foresight than hindsight, and adopt a strategic- approach that focuses on key initiatives.

The added value also refers to delivering better visibility on risks and helping the company handle the changing nature of risks.

The need to leverage technology and increase the use of analytics, all along the internal audit phases is tied to the challenge of finding the right people with the right skills.

Solutions

Focus on most critical risks to enhance audit plans and work programs

MEGA’s HOPEX solutions support Internal Auditors in every step of the audit cycle, from planning, preparation, execution to reporting, using a risk-based internal auditing process.

All the information and data about risks, controls, business process and how they connect are stored in the same shared repository used by Internal Auditors to incorporate risks assessment into the end-to-end internal audit process.

This enables Auditors to focus on the most critical risks to prepare audit plans, link back updated risk assessments after audits, and follow up on risk treatment.

Prepare Risk-based Internal Audit Plans

Integrate risks assessments into the internal audit plan and work programs:

Build audit plans based on reports outlining the results of prior audits, action plans that have been implemented, and the risk analysis and incidents reports by business processes and business units

Allocate staff and assign auditing tasks according to internal auditors‘ skills and availability

Prioritize audits, with high-priority audits validated by workflows and low-priority audits not needing to go through a validation step

Integrated Internal Audit Execution and Risk Assessment

Get observations and supporting documents from the operations using questionnaires, and link audit recommendations to one or more of these results

Connect risks assessments to auditing activities and findings, and assess all risks together right at the audit level

Automatically track the progress on audits and review observations, and analyze, consolidate, and communicate on the audit results and risk updates using a validation workflow at each step

Follow-up on Internal Audit Recommendations

Use instant reports and dashboards to follow up on recommendations:

Link recommendations to the aggregated audit test results and draw up action plans based on deficiencies identified by the auditors

Follow up on recommendations with instant reports and dashboard, using a selection of criteria such as risk profiles and risk assessments updates

Set up automatic alerts to make sure action plans are implemented by a given deadline

Products

HOPEX software supports and secures business and IT transformation initiatives through a single collaborative platform. It uniquely integrates business, IT, information, and risks data into the same repository and how they connect to each other.Companies get a collaborative environment to support all stakeholders - from users and practitioners to decision-makers involved in the business transformation. They share a single source of truth to improve decision-making and find fresh ways to seize new business opportunities.

From consulting services through to implementation, training and support, our Global Services team can help you get the most out of our HOPEX solutions.

Transferring our skills and knowledge is one of the essential contributions MEGA consultants and engineers can make to your organization. We will help you establish sustainable practices relying on methods and approaches that should be applied for the long term once your project is implemented.

MEGA International is a global software firm helping companies manage enterprise complexity by giving them an interactive view of their operations. Executives gain the visibility and information they need to make the right choices for effective governance and for striking the right balance between capacity for innovation, cost optimization, and risk management. Backed by HOPEX software and MEGA services, companies can boost business and IT agility in today’s disruptive business environment.